Today, companies win or lose based on the quality of their products.
The Product Strategy Stack is the logical plan to bring the company's mission into being.
- Product strategy connects company objectives and product delivery.
- We cannot know product goals without product strategy.
The Product Strategy Stack is used for planning and execution.
- Tops-Down - teams work from the top down to define, plan, and align the company to an execution plan.
- Bottoms-Up - teams work from bottom up to communicate execution status and track the progress of the product team.
The Product Strategy Stack
- Company Mission - defines the company's purpose.
- Great companies seek to align strategic initiatives to their mission.
- Your company mission should only change as the company's worldview changes.
- Company Strategy - the plan to bring your company's mission into being.
- Should be rigorously logical, and should account for the company's position in the market, unique strengths and risks.
- It must provide context for teams to define effective roadmaps/goals.
- Product Strategy - plan for how the product will drive its part of the company strategy.
- An effective product strategy cannot exist in isolation - e.g. Slack and Discord have similar products but have a vastly different company mission.
- Product Roadmap - how you sequence product strategy over time.
- Helps teams focus on long-term value creation for customers.
- Product Goals - the outcomes that measure strategic progress.
- Roadmaps and goals must be tethered to product and company strategy rather than defined in isolation.
Misconceptions of Product Strategy
- Goals = Strategy
- Strategy tells the team HOW they will win. The goal tells your team what winning looks like.
- Achieving Goals = Achieving Strategy
- Achieving goals does not mean a company has made progress on its strategy.
- A company will get disrupted in the long run if they lose sight of their strategic progress.
- Product Strategy = Company Strategy
- Company strategy is the plan to bring your company's mission into being.
- Goal -> Roadmap
- A goals-first approach makes teams focus more on short-term rather than long-term goals.
- Goals should flow from roadmaps.